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News Topical, Digital Desk : Foreign investors haven't completely left the market. They haven't fled. Instead, they've quietly increased their stakes in select companies, away from the crowd and the noise. And that's not for one quarter, not for two, but for four consecutive quarters... Yes, Moneycontrol has compiled detailed information on this and published a story. Let's explain everything...
Where ordinary investors see fear, big players are looking for opportunities. Shareholding data for the March 2026 quarter tells a similar story. There's selling outside, and buying inside... So far in 2026, foreign investors have withdrawn approximately $18 billion from the Indian stock market. Previously, in 2025, there was selling of approximately $18.9 billion.
The outflow of such a large sum of money in two years is no small feat. This is why the market has been under pressure. The Sensex fell nearly 9 percent. The Nifty also fell nearly 8 percent. Weakness was visible in major stocks, denting investor confidence. But amid this decline, foreign investors have steadily increased their stakes in certain companies. This clearly indicates that they are not looking at the entire market, but at select opportunities.
The largest bet has been placed on BlackBuck's stock. If there is a hero in this story, it is BlackBuck. In March 2025, FIIs' stake in the company was only 11.6 percent. A year later, in March 2026, it increased to 32.5 percent, representing an increase of nearly 21 percent. This is no small feat. Such a large stake increase indicates that foreign investors have strong confidence in the company's future, business model, and growth direction. Big investors don't invest just like that. They spend months researching, understanding the management, and studying the sector, before making their bets. Another big name that is also gaining confidence is Vishal Mega Mart. Yes, FII stake in this company has increased from 7% to 22%. This means that foreign investors are expressing confidence in India's domestic consumption story. The middle class is growing in India. Spending is increasing in smaller cities. Organized retail is expanding. As a result, retail companies are attracting foreign investors.
South Indian Bank has also attracted attention. The sector has always been a favorite of foreign investors. This time, its stake in South Indian Bank increased from 12% to 24.2%. This indicates that foreign investors are seeing recovery and growth in the banking sector. If interest rates remain stable, loan growth increases, and NPAs remain under control, banking stocks could strengthen again.
Not just three stocks, the entire list is long. Other names that have increased their share over the last four quarters are also very interesting:
1. BlackBuck March 2025: 11.6% June 2025: 20.5% September 2025: 26.2 % December 2025: 28.3% March 2026: 32.5% Total increase: 20.9% increase
2. Vishal Mega Mart March 2025: 7.0% June 2025: 12.9% September 2025: 15.4% December 2025: 15.5% March 2026: 22.0% Total increase: 15.0% increase
3. South Indian Bank March 2025: 12.0% June 2025: 17.6% September 2025: 17.9% December 2025: 20.9% March 2026: 24.2% Total Growth: 12.2% Growth
4. MTAR Technologies March 2025: 6.7% June 2025: 7.6% September 2025: 9.2% December 2025: 12.2% March 2026: 17.3% Total Growth: 10.6% Growth
5. Home First Finance March 2025: 36.0% June 2025: 37.2% September 2025: 40.0% December 2025: 40.8%
March 2026: 45.7%
Total Growth: 9.7% Growth
6. Virtuoso Optoelectronics
March 2025: 1.7%
June 2025: 2.2%
September 2025: 5.0%
December 2025: 7.2%
March 2026: 11.1%
Total Growth: 9.4% Growth
7. Shaily Engineering Plastics
March 2025: 7.4%
June 2025: 9.7%
September 2025: 11.3%
December 2025: 12.0%
March 2026: 16.7%
Total Growth: 9.3% Growth
8. Abans Enterprises
March 2025: 11.5%
June 2025: 13.8%
September 2025: 13.9%
December 2025: 15.2%
March 2026: 20.3%
Total Growth: 8.8% Growth
9. GRM Overseas
March 2025: 0.7%
June 2025: 1.9%
September 2025: 3.4%
December 2025: 4.9%
March 2026: 9.5%
Total Growth: 8.8% Growth
10. Kalpataru
March 2025: 0.0%
June 2025: 7.7%
September 2025: 7.7%
December 2025: 8.0%
March 2026: 8.1%
Total Growth: 8.1% Growth
11. UPL
March 2025: 34.2%
June 2025: 34.9%
September 2025: 37.0%
December 2025: 38.8%
March 2026: 41.8%
Total Growth: 7.6% Growth
12. GE Vernova T&D India
March 2025: 13.0%
June 2025: 14.5%
September 2025: 16.1%
December 2025: 18.5%
March 2026: 20.4%
Total Growth: 7.4% Growth
13. Polycab India
March 2025: 11.1%
June 2025: 11.5%
September 2025: 14.0%
December 2025: 14.8%
March 2026: 18.2%
Total Growth: 7.1% Growth
14. Hitachi Energy India
March 2025: 5.0%
June 2025: 7.2%
September 2025: 9.7%
December 2025: 10.7%
March 2026: 11.7%
Total Growth: 6.7% increase
15. Waaree Energies
March 2025: 0.7%
June 2025: 2.7%
September 2025: 6.4%
December 2025: 6.9%
March 2026: 7.1%
Total increase: 6.4% increase
16. Midwest Gold
March 2025: 6.6%
June 2025: 6.7%
September 2025: 6.8%
December 2025: 11.7%
March 2026: 12.0%
Total increase: 5.4% increase
17. Tamilnadu Petroproducts
March 2025: 5.6%
June 2025: 7.5%
September 2025: 8.8%
December 2025: 9.5%
March 2026: 10.8%
Total increase: 5.2 Percentage increase
18. GMR Airports
March 2025: 15.1%
June 2025: 15.7%
September 2025: 17.1%
December 2025: 19.0%
March 2026: 20.2%
Total increase: 5.1% increase
19. BPCL
March 2025: 14.6%
June 2025: 15.5%
September 2025: 16.5%
December 2025: 18.5%
March 2026: 19.6%
Total increase: 5.0% increase
20. HPCL
March 2025: 12.6%
June 2025: 13.6%
September 2025: 14.5%
December 2025: 16.4%
March 2026: 17.3%
Total increase: 4.7 The percentage is 1.
Looking at this list, it is clear that foreign investors are not betting on just one sector. They are playing on multiple themes.
Which sectors are the smart money going to?
1. Power and Energy GE Vernova, Hitachi Energy, Waaree Energies, BPCL, HPCL, this indicates interest in companies related to power, transmission, renewable energy, and energy supply.
2. Infrastructure
Kalpataru, GMR Airports - there is confidence in the theme of capex and infrastructure spending in the country.
3. Banking and Finance South Indian Bank, Home First Finance - the focus is on credit growth and housing finance themes.
4. Manufacturing - MTAR Technologies, Shaily Engineering Plastics, the Make in India and export theme is visible here.
5. Consumer Sector - Vishal Mega Mart, GRM Overseas, the story of domestic demand and spending is visible here.
Then why is there selling?
This is the biggest question. If foreign investors believe in India, why are they withdrawing?
The answer is: they're looking at valuations, not the market itself.
Some of the major reasons cited by experts are:
- The Indian market appears expensive
- Corporate earnings were weaker than expected
- Better opportunities were found in the US and other markets
- Global money flowed into AI-themed stocks
- US-Iran-Israel tensions escalated -
Crude oil prices rose
When oil prices rise, importing countries like India come under pressure. Inflation can rise, the current account deficit can increase, and pressure on the government can increase.
Therefore, foreign investors are cautious at the index level. What are the big players doing? They're doing two things simultaneously: withdrawing money where the market is expensive and investing where the future is visible. This is why, while external selling appears to be a trend, internal buying is taking place.
Smart money says that when big investors buy in times of fear, they're looking for a future story. But this doesn't mean you should buy every stock. Every investor should consider
the company's earnings,
debt levels, whether
the business is sustainable, whether
the shares are too expensive, and
whether the management is trustworthy.
Buying just because FIIs are buying could lead to losses.
Read More: HUL Q4 Results 2026: HUL quarterly results released, dividend of Rs 22, stock crash
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